Radix (XRD) Staking For A Passive Income – The Complete Guide =

Radix’s (XRD) Olympia mainnet is finally live! That means a lot for Radix investors, such as the switch from an ERC-20 token (eXRD) to a native token, a working product, but also the option to earn passive income from staking . By staking your tokens you earn a lot of XRD every year without risk and who wouldn’t want that? In addition, you also contribute to the Radix network.

Because a number of steps must first be taken before you can sit back and watch your XRD power grow naturally, we have created this blog. Here you can read step by step how you can convert your eXRD tokens to XRD tokens in the special Radix wallet and then stake them.

If you first want to know more about what “staking” exactly is, you can read our blog about staking here. If not, I advise you to sit back and relax, everything will be arranged within an hour!

View quickly

 

  • View quickly
  • What is Radix (XRD)?
  • Striking Radix – the step-by-step plan
    • 1. Set up the entry pass
    • 2. Download Radix Wallet
    • 3. Download Metamask and put eXRD on it
    • 4. Link Instapass with Metamask and Radix Wallet
    • 5. Send eXRD to your Radix Wallet via Instabridge
    • 6. Strike Radix for passive income
  • Conclusion

 

Are you not yet familiar with the cryptocurrency Radix? Or do you still want a refresher to know what the project entails? Below is a brief explanation, but you can also decide to skip the explanation or replace it with the explanation video below.

 

 

What is Radix (XRD)?

Layer 1 DeFi done right

The team behind Radix DLT describes the project as the “first layer 1 protocol built specifically for decentralized finance”. The Radix protocol should address the inefficiencies found in Open Finance (OpFi), both in current and future institutions. Hughes, the founder of Radix, and his team aim to achieve this by:

  • Completely revamp the consensus mechanism used in popular blockchain systems.
  • The use of decentralized virtual machines.
  • Activating on-ledger code.
  • Build DeFi-bound components and applications.
  • Boosting DeFi developers.

Ultimately, Radix DLT should become the platform for decentralized finance, provided they keep their promises. Those promises include unlimited scalability, immense transaction speeds, fast and interoperable dApps, highly secure smart contracts and more.

The platform uses a Delegated Proof-of-Stake consensus algorithm, which makes it possible for us to stake. For this we “delegate” our stake to a node, which in turn ensures that transactions are executed in a safe and correct way. In return, the node receives rewards in XRD, which are then (partly) paid out to delegators.

If all this still sounds difficult and you would like to know more, you can read our extensive blog about Radix here, in which you can also read how to buy Radix if you don’t already own it. Of course this is not necessary! If you already own XRD and are only interested in staking your XRD, just read along.

Do you want to know what Radix is? In the video below from AllesOverCrypto, Matt explains what Radix is and how this blockchain, which can process up to 1 million transactions per second, works.

 

Striking Radix – the step-by-step plan

If you follow the 7 steps below, you will be done within an hour and you will have put your XRD to work. Are you stuck at a step? Then scroll to the detailed explanation of this topic where everything is explained step by step.

  1. Create an account via Instapass and verify it.
  2. Download the Radix Wallet on your computer.
    a. Make sure you have a backup!
  3. Make sure you have downloaded Metamask and that you have your eXRD (the ERC-20 variant) and enough Ethereum for the fees on it. Don’t worry, there are no high fees involved.
  4. Once your Instapass account is verified you need to link it to your Metamask account where your eXRD is on and your Radix Wallet where your XRD goes.
  5. Send your eXRD via Instabridge to your Radix Wallet, which will automatically be converted into XRD there .
  6. Choose a number of validator nodes where you want to stake, stake your Radix at these nodes and voilà, you now earn an extra (passive) income.
    a. AllesOverCrypto has its own validator node and we work together with our partner Radix Staking Club , who also has a very reliable node.

1. Set up the entry pass

Before we can stake XRD , we first need to convert our eXRD to XRD . The first step in converting your tokens is to create an Instapass account. On this site you will have to verify your identity and address. Why?

More and more crypto projects must comply with the same laws and regulations as banks. When you open a new bank account, you are asked to prove that you are who you say you are. This is also called KYC, or Know Your Customer.

In the crypto world you will also have to do this with most parties when you open a new crypto account. Fortunately, it is little work and is another hurdle for malicious parties who use crypto for terrorist financing, money laundering and other criminal activities, for example.

Creating the account is very self-explanatory after you click on: ” Create New Instapass Identity

If this is successful, it is time to verify your identity and address. This is done in two steps:

  • Verify your identity with a valid ID
  • Verify your place of residence with a document proving you live where you say you live

For these two steps it is useful if you have the following things ready:

  • A valid international proof of identity, such as a passport, driver’s license or ID card
  • A webcam, or if you don’t have one, a mobile phone
  • A digital document with which you can prove your place of residence
    a. For example, a statement and statement of your bank account, a letter from the Tax and Customs Administration, municipality, energy company, government or a telephone bill. As long as it is not older than 3 months and your current address details and your name are on it.
    b. You can easily download such a PDF document via, for example, internet banking or your energy company. Download your latest statements (of 1 day) or invoice and if all goes well, your name and address details should also be included.

When you log in, click on ” KYC status: Start my identity verification process” and follow the steps. If you still need help with this, you can also download our Radix Staking Tutorial PDF , which describes each step in even more detail. And if you are not recognized during facial verification or you run into other problems, you can always contact Instapass.

File Tutorial Radix Staking – AllesOverCrypto.pdf 1.05 MB

2. Download Radix Wallet

Simultaneously with the launch of the Olympia mainnet, the official Radix Wallet was released. We need these to store our tokens and to be able to stake. Fortunately, setting up this wallet is so easy!

Note: It is VERY important that you have a backup for this wallet in a safe place. If you lose access to your wallet, you lose access to your coins and you really lose them. We will give tips on how to prevent this as best as possible.

To download the Radix Wallet click on this link, here you will find a Windows, MacOS and Linux download file. After downloading, open the wallet and click on “Create new wallet” .

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You will now see 12 words on screen, this is your seed phrase. Save these 12 words very well, really take a moment for this!!

When you lose access to your wallet, you lose everything on it. But with these 12 words you can always go back to your coins. Even if your computer is completely burned down, these 12 words will keep you from losing your Radix.

However, this also ensures that others can get to your Radix from anywhere in the world with these 12 words. It is therefore best to store it offline in a fireproof safe or in an unexpected, but safe place.

Divide the words into 2 or 3 pieces of paper and preferably keep them in places other than at home (in case your house burns down). Make sure that you have overlap and that you do not suddenly lose part of the words if a piece of paper is missing. It may even be wise to make a back-up of these pieces of paper as well. You can also use a password manager to store (part of) these words.

When you are sure you have written down these words safely, click on ” I’ve written down my seed phrase “. After this, Radix asks you to key in some random words to make sure you really wrote them down.

Then you only need to create a secure password, a pin code and a name for your Radix Wallet. Your Radix Wallet is now installed and we can proceed to the next step.

3. Download Metamask and put eXRD on it

You need real Radix (XRD) to stake in the Radix Wallet. If you still have eXRD, we must first swap it (exchange it for XRD). To be able to swap these, your eXRD must be on your own Ethereum wallet and not on an exchange. So do you already have a Metamask Wallet with eXRD and ETH in it? Then you can skip this step.

Note 1 : this is only relevant as long as your eXRD are still on an exchange and this exchange has not yet converted them to XRD itself. If your eXRD has already become XRD on the exchange (you can recognize this by the ticker, XRD = the correct Radix, eXRD is the ‘old’ token), you can send it directly to your Radix wallet that you have created in step 2 set up.

Note 2 : You also need Ethereum on this wallet to be able to pay Ethereum gas fees.

Here you download Metamask. Please note, choose the correct browser (i.e. the browser you use). After a maximum of one minute you will be taken to a new page, where you click on ” Get started ” and then on ” Create a wallet “.

You also come up with a secure password for Metamask and you get a seed phrase of a number of words that you must save properly!! Check out the previous step to see how to do this correctly.

When your wallet has been created, you will see the following screen.

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Here you click on add token. Then click on “Custom token” and enter the following at “Token contract address”: 0x6468e79A80C0eaB0F9A2B574c8d5bC374Af59414 . The rest will be filled in automatically (eXRD and 18) and you can click on “Next”. This step ensures that eXRD will be visible in your wallet.

After this, go to the exchange where you have your eXRD and click withdraw. For Kucoin and Bitfinex, these are the following two pages:

  • Bitfinex eXRD withdrawal
  • Kucoin eXRD withdrawal

Then copy your address at Metamask by clicking on account name and paste this address on the withdrawal page of the exchange where your eXRD is located. At “Amount” you enter the amount of eXRD you want to withdraw and then follow the further instructions of the exchange to complete the transaction.

If you don’t have any ETH in your Metamask yet, you’ll also need to transfer some ETH. Then this step is also completed! If all goes well, you now have:

  • An Instapass account (already verified or to be verified)
  • A Radix Wallet
  • All your eXRD are on Metamask with some ETH to pay the gas fees

4. Link Instapass with Metamask and Radix Wallet

This is the last step you need to take to convert eXRD to XRD in your Radix wallet, so that you can eventually stake XRD.

Log in to Instapass again and click at the bottom of ” Radix and Ethereum address ” on “Add address ” and first click on Ethereum. On the next screen, click on Metamask and a screen will open at the top right of your browser where you can connect your wallet. Select the wallet you have your eXRD on and click “Next”.

Then click on “Connect” and then on “Sign”, your Metamask wallet is now linked to Instapass!

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Now the Radix Wallet. To do this, go to ” Radix and Ethereum address ” again, click on “Add address ” and then click on Radix.

Now open the Radix Wallet that you downloaded in step 2 and copy your wallet address by clicking on the squares at the top right.

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Enter this address at Instapass under “Your Radix address” and click on “Add address”. A Verify token will now be sent to your Radix Wallet. To do this, go to your Radix Wallet and click on ” History ” on the left, there you will see a transaction with “Received 1 VERI”. Below that, click on ” Encrypted message, click to decrypt “.

A code will now appear that you must enter on Instapass. To do this, go back to Instapass and click on ” Validate code ” and then enter the code and click on “Submit”.

Congratulations! If everything worked out, your Metamask wallet and Radix wallet are now linked to Instapass and most of the work has already been done. In the next step you will actually get possession of XRD , which you can then stake.

5. Send eXRD to your Radix Wallet via Instabridge

All the preparatory work is done, this step is very simple and at the end of this step you will have XRD in your Radix wallet. Instabridge is part of Instapass and that is why we first had to verify ourselves on Instapass, Instabridge works as the name says as a bridge between your Metamask and Radix wallet.

First go to the Instabridge website, here you fill in how much eXRD you want to exchange to XRD . You can choose to first test whether you have done everything right by sending a small amount (minimum 100 eXRD), but if you are sure of your case, you immediately choose everything. This way you also keep the Ethereum gas fees as low as possible.

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If you clicked on ” Swap eXRD to XRD now “, you will get another Metamask pop-up to link with Instabridge, just press ” Sign “. You will then see the following screen:

IMG

 

Here you click on ” Transfer “, after which you have to enter once again how much eXRD you want to exchange or you simply click on ” Max “. Then click on ” Transfer ” again and now you will get a Metamask pop-up one last time with a summary of the transaction. You will also see a gas fee here, which can be different at any time, so make sure you have enough Ethereum on your wallet.

If you now click ” Confirm “, the transaction will be processed and you will have to wait a while until your XRD will automatically appear in your Radix Wallet. Now it’s just a matter of choosing validator nodes and hitting!

6. Strike Radix for passive income

We are almost there, this is the last and perhaps the easiest step to take. You stake at a validator node, but since there are a lot of validator nodes it is useful to choose the right one first.

We have made that choice very easy for you, because AllesOverCrypto has made a very good validator node available to the Dutch Radix community. Our trading expert Joël, who you may know from Crypto Signals, also has a very reliable validator node (Radix Staking Club) that you can use.

AllesOverCrypto’s and Joël’s nodes both only charge a 2% fee (average is 2-4%), because we think the community is the most important thing. With this fee we can provide a perfect service and maintain our servers without having to ask much.

For more information:

  • AllAboutCrypto node
  • Radix Strike Club node

It is also important to mention that it is not wise to put everything at one node. When this node goes offline for whatever reason, it will cost you a (short) period of passive income. Your Radix coins are safe at all times, regardless of the uptime of the node.

Radix itself recommends the “5-5 by rule”. This means that you choose 5 nodes that all hold no more than 5% of the total stake. You can read more about that here.

If you find this too much of a hassle, make sure you split your stake between the AllesOverCrypto node and the Radix Staking Club node. This can be 50/50, but also 70/30 or 75/25. Just what you want.

Then we’re really going on strike!

You can assume that our nodes are of excellent quality. As reliable as technically possible with backups in Germany, ddos protection and 24/7 monitoring. Furthermore, questions are always answered with our team of experts at your disposal and everything runs on 100% green energy . If you want more information about other nodes, you can view this site with information about all nodes.

If you have now been able to make a choice of nodes, go to ” Stake & Unstake ” in the Radix Wallet.

IMG

 

Copy the Validator Stake ID for the node where you want to stake.

  • For EverythingAboutCrypto this is
    rv1qgw2s2rrn5gs3tumtk4z62casy5f0ze49zutfy6t32acyc7vn00qsjkajvj
  • For Radix Strike Club this is
    rv1qdunll7z585pa4s2u5lh0hj96t9cxp955yzqhul8myewqvzhqphp7rqhs3p

At validator you enter an address that you just copied and at “Amount” you enter the number of XRD you want to stake at this node. Then click on “Stake”.

Then enter your PIN and click on “Confirm Transaction”. If you want to stake at multiple nodes, you will have to do this again!

Conclusion

Congratulations! Your XRD tokens have now been put to work and you are now earning passive income with Radix. All XRD tokens are automatically credited to your wallet and are automatically re-staked, so you earn free Radix without having to do anything. You are also richer in technical experience and you may be able to help your friends to do the same.

How much APY (Annual Percentage Yield you earn with Radix is not fixed and is not exactly known, but free money is always worth it, right? And who knows that Radix will one day really become the DeFi platform. Then you can assume that the prices skyrocketing and every XRD token is well worth it!

Do you have any additional questions about Radix, striking Radix or other related matters? Visit our AllesOverCrypto Facebook group, where we share all the ins and outs about the latest crypto developments. Do you have other crypto related questions? We are ready with our knowledge and expertise! The easiest way is to look up your question in our FAQ. What you can also do is that you google your question + AllesOverCrypto.

Header photo: karnoff/Shutterstock.com

 

 

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